After the United Kingdom’s exit from the European Union… What does...

After the United Kingdom’s exit from the European Union… What does...
After the United Kingdom’s exit from the European Union… What does...
The balance sheets of Ireland’s largest banks have risen by two-thirds since the Brexit vote, as the latest data shows how Europe’s financial landscape is changing after the United Kingdom’s exit from the European Union.

Banks in Ireland under the supervision of the European Central Bank’s Single Supervisory Mechanism have seen their balance sheets increase from 300 billion euros ($342 billion) in December 2015 to 500 billion euros, the Federation of Commercial Banks and Payments in Ireland and the Federation of International Banks in Ireland said in a report issued on Tuesday. billion euros in July.It is worth noting that since the Brexit vote in June 2016, Citigroup, Barclays and Bank of America have established or expanded their units in Ireland under the supervision of the European Central Bank. The main Irish retail banks were Already under the jurisdiction of the European Central Bank.

In a statement, Fiona Gallagher, chief executive of Ireland-based Wells Fargo & Co. said: “While Ireland’s international financial services sector has grown steadily for decades, the UK’s exit from the European Union has accelerated this trend. . This is evidenced by the influx of new staff, assets, risk management capabilities and investment services activities in Ireland.”Thousands of jobs and hundreds of billions of dollars in assets have moved out of London since the UK voted to leave the EU. While London remains Europe’s preeminent financial centre, the transformations have given impetus to cities stretching from Paris to Frankfurt to Dublin.

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